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Vol 7 (AAC) No 2

Published 1st December 2013


Nigeria

Construction boom ahead

Nigeria's state-backed mortgage provider FMBN is in talks with two Chinese financial institutions about a US$6 bn. loan for new housing

With the national population reaching 174 million this year, the the Federal Mortgage Bank of Nigeria estimates the housing deficit at 17 mn. units. However, talks led by the FMBN could bring about the country’s biggest housing construction boom if the China Export and Credit Insurance Corporation (Sinosure) and Industrial and Commercial Bank of China (ICBC) manage to agree terms.

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